SINTEF announces a $60M seed investment fund for start-ups.

Norway Connection
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SINTEF, an Oslo, Norway-based independent research-oriented foundation, announced that it successfully established a new NOK 500M ($62.4M) early stage investment fund to develop new technology companies.

The new seed investment fund will be called SINTEF Venture V and will provide seed capital to Norwegian startups.

Broadly, the fund's mission is to promote the commercialisation of research and development results by investing and developing new micro, small or medium-sized enterprises (SME) whose activities are based on technology originating from research at SINTEF and the Norwegian University of Science and Technology (NTNU), both based in Trondheim.

This is the fifth and largest fund to date managed by SINTEF TTO, the Technology Transfer Office of SINTEF. The backers of the fund are European Investment Fund and several private, Norwegian investors, which contributed as follows:

 

  •     European Investment Fund: NOK 155 million
  •     SINTEF Venture: NOK 110 million
  •     KLP: NOK 75 million
  •     Gjensidigestiftelsen: NOK 50 million
  •     Sparebankstiftelsen DNB: NOK 40 million
  •     SpareBank1 SMN Invest: NOK 30 million
  •     MP Pensjon: NOK 20 million
  •     Reitan Kapital: NOK 10 million
  •     Orkla: NOK 10 million
     

The fund also benefits from the InnovFin Equity Facility for Early Stage with the financial backing of Horizon 2020, the EU research and innovation programme.

Prior to this fund, SINTEF Venture IV was established in 2014 along with the European Investment Fund (EIF) and SpareBank1 SMN, with an investment capital of NOK 209 million. Managing Director of SINTEF TTO, Anders Lian, emphasises that both investors have played an important role in establishing the new investment fund.